EU reaches deal to cut US duties and avoid tariff hikes
EU officials agreed to remove duties on US industrial goods. The deal aims to meet a July 4 deadline and prevent higher tariffs on European products.
The European Union reached a provisional agreement on Wednesday to eliminate import duties on United States industrial goods, moving to finalize a transatlantic trade pact. The legislative text aims to prevent a hike in U.S. tariffs on European products, including a threatened 25% levy on cars. The deal removes the immediate threat of escalated trade tensions.
### Safeguarding Transatlantic Trade Flows The agreement, struck between the European Parliament and the Council, implements terms first outlined at the Turnberry summit in Scotland last July. The EU will remove duties on industrial goods and provide preferential access for U.S. farm and sea produce. In return, the U.S. will maintain a 15% tariff on most European goods rather than escalating to higher levels.
